The AIG Effect Be Damned! St. Regis Monarch Beach Has New Owner

​The infamous Dana Point resort where American International Group (AIG) sponsored
a luxury retreat just days after accepting a federal bailout reportedly has a new owner.Washington Holdings announced it has taken control of the St. Regis Monarch Beach resort and golf course in a transaction that had the Seattle real estate investment company valuing the property at about $235
million, reports the Los Angeles Times.

Hammered by the economic downturn, the five-star, 400-room
resort was headed for the auction block last summer after its previous owners defaulted on a $70-million loan
from Citigroup Global Markets Realty Group.

The St. Regis was also an accomplice in the creation of a phenomenon known as "the AIG effect," which chilled corporate events and caused group bookings to plummet at swanky resorts around the country.